Loans at Home enters administration

Loans at Home a subsidiary of Non-Standard Finance (NSF) has entered administration.

The doorstep lender has applied for administration following extensive discussions with the Financial Conduct Authority (FCA).

In a company statement, NSF said that the Directors of SD Taylor (trading as ‘Loans at Home’) reluctantly concluded that the Loans at Home business is no longer viable and so have applied to the FCA to grant permission for Loans at Home to be placed into administration and to appoint insolvency practitioners from Grant Thornton as administrators. 

The boards of Loans at Home and of NSF are clear that this is the only option available in order to preserve value for creditors.  As the operations and activities of Loans at Home are separate from the rest of the Group, the Board of NSF confirms that having now agreed on certain waivers with the Group’s lenders, the administration of Loans at Home will have minimal impact on the rest of the NSF Group’s business.

Loans at Home was acquired by NSF in 2015 in an £82.5 million deal.